Business and Finance Business and Finance
Sun, December 1, 2024
Sat, November 30, 2024
Fri, November 29, 2024
Thu, November 28, 2024
Wed, November 27, 2024
[ Wed, Nov 27th 2024 ] - Bill Williamson
Where to invest for 2025
Tue, November 26, 2024
Mon, November 25, 2024
[ Mon, Nov 25th 2024 ] - Bill Williamson
Business & Finance
Sun, November 24, 2024
Fri, November 22, 2024
Tue, May 9, 2017
Tue, April 18, 2017

Mortgage mayhem warning as major lenders Barclays and Santander split on home loan rates


//business-finance.news-articles.net/content/202 .. lays-and-santander-split-on-home-loan-rates.html
Published in Business and Finance on Thursday, November 28th 2024 at 0:00 GMT by Bill Williamson   Print publication without navigation

  • The situation is further confused by suspicions that some banks are taking advantage of interest volatility to boost their profits by increasing the cost of borrowing or mortgages, loans, credit cards and overdrafts while at the same time cutting returns to people with savings.

The article from Express.co.uk discusses the potential for "mortgage mayhem" as lenders are warned about the risks of a housing market crash due to the current economic climate. It highlights that despite a recent surge in house prices, the combination of rising interest rates, inflation, and the cost of living crisis could lead to a significant downturn. Experts are cautioning that the aggressive rate hikes by the Bank of England might push many homeowners into negative equity or force them to remortgage at much higher rates, potentially leading to increased defaults. The article also mentions that some lenders are already tightening their lending criteria, which could exacerbate the situation by reducing the availability of mortgages. This scenario could result in a sharp correction in house prices, affecting both borrowers and the broader economy.

Read the Full Daily Express Article at [ https://www.express.co.uk/finance/personalfinance/1981305/mortgage-mayhem-warning-lenders ]

Publication Contributing Sources